Fortis acquires cancer hospital in Singapore for Rs 115 crore

February 24, 2011 17:00 IST

Fortis Global Healthcare on Thursday said it has acquired a specialised under construction cancer hospital in Singapore from First Real Estate Investment Trust for a consideration of SGD 33 million (over Rs 115 crore).

The healthcare group, which had earlier failed to acquire Singapore-based hospital chain Parkway Holdings, said it aims to complete the construction by the second quarter of 2012.

"Through this hospital, we are making a beginning in the highly recognised and competent healthcare delivery system of Singapore," Fortis Global Healthcare Executive Chairman Malvinder Singh said in a statement.

The hospital plan is being redesigned to incorporate the needs of the patients and the medical fraternity in Singapore.

The hospital will provide critical and intensive care service to the patients, the company said. "Our group incorporates more than 25 years of experience in healthcare delivery and this hospital would benefit from that experience, to meet patient expectations in Singapore," Singh added.

This is the third acquisition of the Fortis Global in past few months. In November, 2010 it had acquired Quality Healthcare in Hong Kong and then acquired a significant stake in Dental Corporation, Australia's largest dentistry network in January, 2011.

"We will continue to look for opportunities to further expand our presence in the region," Singh said.

Last year, Fortis had given up a fight for control of Parkway to Malaysian sovereign fund Khazanah, which made a $2.5 billion offer to fully acquire the Singaporean healthcare chain.

Fortis Global Healthcare is promoted by Singh brothers - Malvinder Mohan and Shivinder Mohan. They also own majority stake in Fortis Healthcare, a leading healthcare provider in India.